scholarly journals Importance and value of Artificial Intelligence in Financial Sector – A critical Review

2021 ◽  
Vol 7 (05) ◽  
pp. 6-11
Keyword(s):  
Artificial Intelligence ◽  
Customer Service ◽  
Critical Review ◽  
Financial Services ◽  
Financial Sector ◽  
Interval Scale ◽  
Standard Questionnaire ◽  
New Models ◽  
Great Transformation

Artificial Intelligence has brought a great transformation to the financial sector by providing various opportunities for tailor made and customized services, reduction in costs and developing new models of business. Additionally, Artificial Intelligence has really boomed in past few years and many companies in different sectors have adopted it and applied in their operations. Many times, Artificial Intelligence is called as automation of the process within the sector, but a better way of usage of technology for the betterment of sector, mainly financial sector. Huge changes have been brought in financial sector through technology of artificial intelligence that created a range of innovative financial services such as intelligent consultant, intelligent lending, monitoring, and warning, as well as intelligent customer service. A sample of 175 respondents in which 62.29% “male” and 37.71% “female” has been considered by a “standard questionnaire” created on five-point interval scale.

Artificial Intelligence and Personalized Banking

2022 ◽  
pp. 74-87
Author(s):  
Sunanda Vincent Jaiwant
Keyword(s):  
Artificial Intelligence ◽  
Customer Service ◽  
Financial Services ◽  
Banking Sector ◽  
Banking Industry ◽  
Human Intelligence ◽  
Financial Services Industry ◽  
Customer Journey ◽  
Services Industry ◽  
Applications Of Ai

AI has begun making its presence felt in every industry and now across the financial services industry as well. This chapter examines and presents the use of AI in banks for better customer service giving them a personalized experience. This chapter explains how banks are getting future-ready for their financial services by means of AI and are delivering financial offerings seamlessly. This research primarily focuses on the concept of AI in the field of banking, how AI has revolutionized personalized banking and made banking operations more efficient and successful. AI innovations are an integral part of Industry 5.0 which aims at integrating automation and human intelligence. This chapter aims to study and describe the current applications of AI in the banking industry and its impact on the banking sector. The study also gives a description of the banks employing AI to facilitate an exceedingly personalized customer journey with the banks.

Peculiarities of application of artificial intelligence in the financial services sector: EU experience

2020 ◽  
pp. 61-66
Author(s):  
K. Yefremova
Keyword(s):  
Artificial Intelligence ◽  
Financial Services ◽  
Financial Sector ◽  
Resource Planning ◽  
Legal Regulation ◽  
Fundamental Rights ◽  
Main Body ◽  
Strategic Issues ◽  
Codes Of Practice ◽  
Systemic Problems

Problem setting. Artificial intelligence is rapidly affecting the financial sector with countless potential benefits in terms of improving financial services and compliance. In the financial sector, artificial intelligence algorithms are already trusted to account for transactions, detect fraudulent schemes, assess customer creditworthiness, resource planning and reporting. But the introduction of such technologies entails new risks. Analysis of resent researches and publications. The following scientists were engaged in research of the specified question: D.W. Arner, J. Barberis, R.P. Buckley, Jon Truby, Rafael Brown, Andrew Dahdal, O. A. Baranov, O. V. Vinnyk, I. V. Yakovyuk, A. P. Voloshin, A. O. Shovkun, N.B. Patsuriia. Target of research. The aim of the article is to identify key strategic issues in developing mechanisms to ensure the effective implementation and use of artificial intelligence in the financial services market. Article’s main body. The paper investigates an important scientific and practical problem of legal regulation of artificial intelligence used by financial services market participants. The legal risks associated with the use of artificial intelligence programs in a particular area are considered. The most pressing risks to address targeted AI regulation are fundamental rights, data confidentiality, security and effective performance, and accountability. This article argues that the best way to encourage a sustainable future in AI innovation in the financial sector is to support a proactive regulatory approach prior to any financial harm occurring. This article argues that it would be optimal for policymakers to intervene early with targeted, proactive but balanced regulatory approaches to AI technology in the financial sector that are consistent with emerging internationally accepted principles on AI governance. Conclusions and prospects for the development. The adoption of rational regulations that encourage innovation whilst ensuring adherence to international principles will significantly reduce the likelihood that AI-related risks will develop into systemic problems. Leaving the financial sector only with voluntary codes of practice may encourage experimentation that in turn may result in innovative benefits – but it will definitely render customers vulnerable, institutions exposed and the entire financial system weakened.

scholarly journals ON THE PATH TO ARTIFICIAL INTELLIGENCE: THE EFFECTS OF A ROBOTICS SOLUTION IN A FINANCIAL SERVICES FIRM

2021 ◽  
Vol 32 (2) ◽  
Author(s):  
Hamieda Parker ◽  
Stephanie Elaine Appel
Keyword(s):  
Artificial Intelligence ◽  
Customer Service ◽  
Financial Services ◽  
Data Entry ◽  
Research Approach ◽  
Work Experiences ◽  
Action Research Approach ◽  
Before And After ◽  
The Impact

As ever-increasing advances in automation and artificial intelligence solutions create more opportunities for businesses to streamline their operations, the key challenges for managers are to identify the appropriate use cases for automation solutions in their organisations and to integrate the solution effectively to meet the objectives of both the firm and its employees. This case study examines the impact of implementing a machine-learning robotic process automation (RPA) solution that is aimed at reducing manual data entry tasks for employees in a financial services firm. The study employed an action research approach to follow a single team in the firm before and after the RPA implementation — a period of six months. The findings showed that RPA improved productivity in the team and created more positive work experiences for employees, as they had more time to dedicate to creative, cognitive, and customer service tasks. The study also found that the roles of employees were being redefined during the integration process, with employees reporting a high potential for broader transformation in the business as a result of the RPA implementation.

scholarly journals AI-Powered Virtual Assistants in the Realms of Banking and Financial Services

2021 ◽  
Author(s):  
Margherita Mori
Keyword(s):  
Artificial Intelligence ◽  
Best Practices ◽  
Customer Service ◽  
Financial Services ◽  
Behavioral Changes ◽  
Evolutionary Trends ◽  
Service Support ◽  
Success Stories ◽  
Starting Point ◽  
Conceptual Paper

This chapter aims at providing a framework for analysis on evolutionary trends in finance that have to do with technological progress and especially with artificial intelligence (AI) applications. The starting point can be identified with a survey on how they have modified the business areas involving banking and financial services and on what can be expected – in terms of future strategic shifts and behavioral changes – on both the supply and the demand sides. The next step revolves around a wider and deeper investigation on the role that virtual assistants have started to – and are likely to further – play in the areas under scrutiny: special attention is requested upon the provision of enhanced customer service support, including conversational AI and sound branding; implications encompass developments that are on the cards, based upon digitalization as a must – not just an option – as shown by the Covid-19 pandemic. Conclusions allow to emphasize the significance, advancing features and value of this conceptual paper, as it leads to sort out best practices and success stories that are worth disseminating and replicating to benefit not only individuals and enterprises having direct interest in them, but society as a whole.

The Impact of ‘Branchless Banking’ on Building Society Branch Networks

2001 ◽  
Vol 33 (8) ◽  
pp. 1371-1384 ◽  
Author(s):  
Richard Willis ◽  
J Neill Marshall ◽  
Ranald Richardson
Keyword(s):  
Financial Services ◽  
Financial Sector ◽  
Telephone Call ◽  
Current Phase ◽  
The Internet ◽  
Building Society ◽  
Call Centres ◽  
Complex Picture ◽  
Use Of The Internet ◽  
The Impact

The authors examine the impact of the remote delivery of financial services on the branch network of British building societies. The current phase of branch-network rationalisation in the financial sector in Europe and North America is argued in the academic literature to be the inevitable consequence of the growth of electronic and telemediated forms of delivery of financial services. In the British building society sector, despite some evidence of branch closure as the use of the Internet and telephone call centres in the delivery of financial services has grown, the picture that emerges is of a dynamic branch network that is responding to changing customer demands and new technological possibilities. Face-to-face advice and discussions between customers and trained ‘experts’ remain an important part of the mortgage transaction. In the savings market, where products have become more commodified, telephone call centres and, more recently, the Internet have become more prominent, but institutions still rely heavily on the branch network to deliver services. The authors suggest that, although there have been changes in the relative importance of different distribution channels as sources of business in the financial sector, it is wrong to view these changes in terms of a simple branch-versus-direct dichotomy. A more complex picture is presented, with most institutions adopting a multichannel approach to the delivery of financial services, and electronic forms of delivery of financial services being developed as an additional delivery channel alongside the branch.

scholarly journals Correction to: Artificial intelligence: a critical review of current applications in pancreatic imaging

2021 ◽  
Author(s):  
Maxime Barat ◽  
Guillaume Chassagnon ◽  
Anthony Dohan ◽  
Sébastien Gaujoux ◽  
Romain Coriat ◽  
...  
Keyword(s):  
Artificial Intelligence ◽  
Critical Review ◽  
Pancreatic Imaging

Artificial intelligence in financial services: a qualitative research to discover robo-advisory services

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Ankita Bhatia ◽  
Arti Chandani ◽  
Rizwana Atiq ◽  
Mita Mehta ◽  
Rajiv Divekar
Keyword(s):  
Artificial Intelligence ◽  
Stock Market ◽  
Financial Services ◽  
Future Research ◽  
Individual Investors ◽  
Content Type ◽  
Advisory Services ◽  
Wealth Management ◽  
Management Scenario ◽  
Indian Stock Market

Purpose The purpose of this study is to gauge the awareness and perception of Indian individual investors about a new fintech innovation known as robo-advisors in the wealth management scenario. Robo-advisors are comprehensive automated online advisory platforms that help investors in managing wealth by recommending portfolio allocations, which are based on certain algorithms. Design/methodology/approach This is a phenomenological qualitative study that used five focussed group discussions to gather the stipulated information. Purposive sampling was used and the sample comprised investors who actively invest in the Indian stock market. A semi-structured questionnaire and homogeneous discussions were used for this study. Discussion time for all the groups was 203 min. One of the authors moderated the discussions and translated the audio recordings verbatim. Subsequently, content analysis was carried out by using the NVIVO 12 software (QSR International) to derive different themes. Findings Factors such as cost-effectiveness, trust, data security, behavioural biases and sentiments of the investors were observed as crucial points which significantly impacted the perception of the investors. Furthermore, several suggestions on different ways to enhance the awareness levels of investors were brought up by the participants during the discussions. It was observed that some investors perceive robo-advisors as only an alternative for fund/wealth managers/brokers for quantitative analysis. Also, they strongly believe that human intervention is necessary to gauge the emotions of the investors. Hence, at present, robo-advisors for the Indian stock market, act only as a supplementary service rather than a substitute for financial advisors. Research limitations/implications Due to the explorative nature of the study and limited participants, the findings of the study cannot be generalised to the overall population. Future research is imperative to study the dynamic nature of artificial intelligence (AI) theories and investigate whether they are able to capture the sentiments of individual investors and human sentiments impacting the market. Practical implications This study gives an insight into the awareness, perception and opinion of the investors about robo-advisory services. From a managerial perspective, the findings suggest that additional attention needs to be devoted to the adoption and inculcation of AI and machine learning theories while building algorithms or logic to come up with effective models. Many investors expressed discontent with the current design of risk profiles of the investors. This helps to provide feedback for developers and designers of robo-advisors to include advanced and detailed programming to be able to do risk profiling in a more comprehensive and precise manner. Social implications In the future, robo-advisors will change the wealth management scenario. It is well-established that data is the new oil for all businesses in the present times. Technologies such as robo-advisor, need to evolve further in terms of predicting unstructured data, improvising qualitative analysis techniques to include the ability to gauge emotions of investors and markets in real-time. Additionally, the behavioural biases of both the programmers and the investors need to be taken care of simultaneously while designing these automated decision support systems. Originality/value This study fulfils an identified gap in the literature regarding the investors’ perception of new fintech innovation, that is, robo-advisors. It also clarifies the confusion about the awareness level of robo-advisors amongst Indian individual investors by examining their attitudes and by suggesting innovations for future research. To the best of the authors’ knowledge, this study is the first to investigate the awareness, perception and attitudes of individual investors towards robo-advisors.

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